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The path of Greece towards the Developed markets May 2001

The path of Greece towards the Developed markets May 2001. GGB 10 YEAR BOND YIELD. 12%. Devaluation. 11%. 11%. 10%. Russian Default. 9%. 9%. 8%. 8%. 7%. 5.34%. 6%. 5%. 4%. Jul-98. Jul-99. Jul-00. Jan-98. Jan-99. Jan-00. Jan-01. Mar-98. Mar-99. Mar-00. Mar-01. Sep-98.

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The path of Greece towards the Developed markets May 2001

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  1. The path of Greece towards the Developed markets May 2001

  2. GGB 10 YEAR BOND YIELD 12% Devaluation 11% 11% 10% Russian Default 9% 9% 8% 8% 7% 5.34% 6% 5% 4% Jul-98 Jul-99 Jul-00 Jan-98 Jan-99 Jan-00 Jan-01 Mar-98 Mar-99 Mar-00 Mar-01 Sep-98 Sep-99 Sep-00 Nov-98 Nov-99 Nov-00 May-98 May-99 May-00 May-01 Source: MARFIN HELLENIC

  3. The course to convergence... Greece vs EU Inflation 25.0 22.0% 19.0% 22.5 20.0 ..the GRD is … pegged to the EUR… 17.5 15.0 12.5 % 7.8 10.0 7.5 3.2 5.0 2.5 0.0 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001(a) 2002(a) Greece EU Source: MARFIN HELLENIC

  4. 7000 6000 5000 4000 3000 2000 1000 0 01/97 05/97 09/97 01/98 05/98 09/98 01/99 05/99 09/99 01/00 05/00 09/00 01/01 05/01 ASE General Index (1997 - present) 6484 pts Devaluation Russian Crisis Source: Athens Stock Exchange

  5. 3.7 3.4 4.1 4.8 105.4 104.7 103.2 98.7 10.8 12 11.3 10.5 302 120 75 53 61 159 98.2 91 Macroeconomic indicators 1998 1999 2000 2001e GDP growth Gen.govt. debt (% of GDP) Unemployment Spread over bunds ASE cap/GDP% Source: MARFIN HELLENIC

  6. 1997 1998 1999 2000 % 55 85 102.2 -39 Athens Stock Exchange Returns Source: MARFIN HELLENIC

  7. 18 16 14 12 10 8 6 4 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Sep-97 Sep-98 Sep-99 Sep-00 May-97 May-98 May-99 May-00 12 MONTH TBILL The descalation of the short term interest rates was slower

  8. Portugal PSI-20 vs. Bloomberg Europe -500 MSCI upgrades PSI to developed mkts Source: BLOOMBERG

  9. 14 12 10 8 6 4 2 0 1996 1997 1998 1999 2000 2001(e) Saving Deposits Inflation After tax deposit rates Inflation and Deposit Savings 12 % 8 % Real interest rates 5 % 3.2 % Source: MARFIN HELLENIC

  10. 5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 01/97 05/97 09/97 01/98 05/98 09/98 01/99 05/99 09/99 01/00 05/00 09/00 01/01 05/01 Construction Index (1997 - present) ..the rise… and fall… Source: Athens Stock Exchange

  11. Telecoms

  12. Break down volume per sector

  13. National Bank of GreeceSouth Eastern Mediterranean Expansion Bulgaria 3 Branches NBG UBB 3rd bank 139 branches ETEVA Bulgaria Interlease A.D Cyprus National Bank(Cyprus) 24 branches National Securities (Cyprus) Turkey Representative offices Romania 1branchNBG ETEVA Romania Societate Commerciala de Asigurare Reasigurare FYROM Stopanska Banka 99 branches Albania 3 branchesNBG Egypt 1 branch NBG

  14. Athens Derivatives Exchange Upcoming Products Futures FTSE/ASE Small Cap 80 Options FTASE/Mid Cap 40 Short Selling Stock options Available Products Futures FTASE20-FTASE40 Options FTASE20

  15. Correlation between MSCI Greece and FTSE/ASE-20 Source: BLOOMBERG

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